Here's a personal example of financial services companies screwing their customers: one of my credit cards has a payment due date this month of January 11. Today, January 9, I went online to pay it directly from my checking account through the Automated Clearing House system. The payment date was auto-filled as January 14. Note that that date is three days past the due date. I tried to switch the payment date to January 10 and the system informed me that it couldn't process that payment any earlier than the January 14 date. Through an automatic charge to my checking account!
If I accepted that, I'd be charged a $29 fee for a late payment and be charged interest at 16.5% APR on my $95 balance. I'm not gonna do that; I'll walk it in and get a printed receipt with today's date on it and fight it out after the fact if necessary.
Oh, in case you're saying "Linkmeister, what sort of card company could be that greedy?" That would be American Express.
Posted by Linkmeister at January 9, 2008 09:57 AM | TrackBackIt seems like no matter where you go these days, people are trying as hard as they can to separate you from your money.
Cas
Posted by: cassie-b at January 9, 2008 12:29 PMHow about telling them to go frak themselves, with dire warnings that you'll bad-mouth them as frequently as you can?
Posted by: Serge at January 9, 2008 01:23 PMSerge, don't think I haven't thought of it. "I've got a blog and I know how to use it!"
Posted by: Linkmeister at January 9, 2008 01:52 PMWas this on the AmEx website's payment page? Or through your bank?
I wouldn't put it past any credit card company to be so greedy, but I haven't had a problem paying through the website. Maybe this is a new "feature." Hmmm. I think I'll pay early next month.
Posted by: Juli Thompson at January 9, 2008 07:39 PMBank of America lays claim to the funds for online payments/billpayer for five days before they send it out. They also hold deposited checks for 3-5 days which means that they keep your money coming and going and you can't touch it while it's in their grips. Sucks. BofA claims that because you know their policy, it's your responsibility to get online at least 5 days early to take care of your banking...effectively moving up the due dates of all your bills unless you want to forgo the convenience of online payments...but then you are held hostage by the post office for the same period of time or you have to drive your payment wherever...assuming it's within driving distance.
Posted by: Karan at January 11, 2008 12:27 PM